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What a fantastic bit of research
https://www.investegate.co.uk/marston--39-s-issuer-plc--48vl-/rns/swap-novation-notice/202011301700289998G/
The point is this: if you look at the various notices on waivers and amendments, they are between the company and bondholders, and they relate to reporting covenants. This has been done twice, with pretty much 100% support from bondholders. That is probably not surprising, because a) as the company reported in its recent update, it has continued to service the debt, and b) there is precedence - M&B, Stonegate, Punch and Greene King will all have been reaching similar agreements. It is evident from reading the announcement that while there is a restriction on waivers which could adversely affect payments due to the swap counterparty, there is only a notification requirement on other waivers (i.e. which do not adversely affect repayment). As it is clear from previous announcements that waivers affect reporting covenants and not payment; that swap counterparties do not hold security over the assets (bondholders do); and that the company has indicated that it has liquidity to service the debt, it should be clear that this announcement does not affect their ability to agree similar waivers and amendments in future to the ones it has already agreed.
Bberman
.. to take off.
High 80's by this time next week.
fairdealer
It would indeed be helpful to know the position on the swaps, but until any further elucidation from our one time poster I guess we have to realise that your reading of the relevant rns etc are accurate until proven otherwise, it certainly reads that way to me from what we know from the accounts.
Which leaves us in a "hurry up & wait" position to see the next set of accounts. With the stated current cash burn a long lockdown does not augur well & whilst I agree with YoYoMa as to the importance of hospitality to our economy, we are dealing here with politicians & the gloomsters from SAGE, who are less than predictable.
Daave, on the other hand, said that level 4 was better for pubs than level 3 due to the certainty and governmental assistance.
In short, we seem to be in the dark.
Bollinger bands closing, shorters on the run! Hopefully will hit 90p before the report (may see a drop for a couple of days come then)
IMO its safer to open the pubs where you are socially distanced and restricted... people will just drink and have parties in their homes if they remain closed
This is one of the only leisure stocks that hasn't yet hit its pre pandemic levels... people are starting to realise that normality is on the cards now... could see investor sentiment push this to 90p very soon
Utter tosh! The economy would fold for sure. Look at the school of economics and where the UK generates revenue from, hospitality is too big to shut for 5 months be easier shutting off those nail bars and sh7te like that who work self employed and no doubt take full advantage of not paying taxes and NI.
Pubs may be closed for 5 months, any thoughts?
In the absence of a reply from Bberman, does anyone know where information on the swaps referred can be found?
Have researched the company's website and cannot locate. Any ideas?
YoYoMa agree the speed the RNS was released after M&B 's warning was swift even for Marstons.
Mars produced that RNS for a reason and the market took well to it. To gain more interest they dangled a carrot and it worked as we moved up considerably. All I feel now is that we have to sit and wait till the criticality phases have been vaccinated and then the markets can see a clearer timeline. Monday is the bogey day of trading so can see this hitting mid-low 70's before recovering again mid week.
Sold out on friday this is only a short term rise with the news about bussiness rates. They will drop lower with the next set of results. I will buyback once it drops.
I think it will be a strong open but with the good publicity MARS has received today there'll be lots of institutions buying in over the weekend and investors next week...
This firm will emerge from the pandemic v strongly being one of the lone survivors
..82p
Or
..75p ?
Bberman, thanks for the correction. Again correct me if wrong, the approved waivers will not be extended beyond April?
Are you connected to Marstons?.
I do remember the days of Clive's great creation even bought one of his Spectrum 48k rubberized computers. I still am baffled by FuddledMuck's comments when he tells people to be careful of rampers/derampers etc when his sheer lack of research in a stock made hiim pull at 50p also whilst in a pandemic...... now that kind of thinking isn't curable by any vaccine.
Been a good week in all, here's to another relaxing lockdown weekend.
Expecting a high open next week regardless
YoYoMa
a car for Captain Tom, surely the FuddledMuck would suggest a Tesla with pedals ?
Rather like that Sinclair EV had in the '80's if you remember that ?
Very helpful for going up steep hills....
Fairdealer - you should note that the novation between HSBC and BNP Paribas was not connected to the bonds, but the hedging instruments - separate agreements - used to hedge interest rate rises:
''We hereby give notice in accordance with Condition 17 of the Notes that the swap transaction in respect of the Class A2, Class A3 and Class A4 Notes under the Interest Rate Swap Agreement between the Issuer and HSBC Bank plc ("HSBC") as Swap Counterparty dated as of 9 August 2005 (as amended and restated on or about 27 March 2019, the "HSBC Swap Agreement") has been transferred from HSBC to BNP Paribas (as the new Swap Counterparty) by way of a swap novation.''
The swaps would not be secured on pub assets - the bonds are - and any waiver or amendment requests would continue to be dealt with between bondholders and the company, as before.
Actually its been several days now without Agent FuddledMuck giving us his wise words of unwisdom and strong opinions to "Sell"....Perhaps he's been invited over to Elon's factory to design a car for commemoration to Capt Tom......
the price is doing very well, but lets be realistic, more than likely there might be a pull back to the mid 70's next week while profit takers jump and new platform consolidated
barchid
Not sure how RF can claim at this point in time the final payment will be £20m. The payment is based on a basket of company's, as I recall including MAB and WTB and others. The calculation to made in September. Maybe he has a crystal ball??
At least the SP is moving in the right direction, one wonders why?
I am out today, but given how the sells flew through, wouldn't surprise me if something is happening, or about to auction to the upside
Not selling until it hits £1..
Won't be long.